Welcome in, today is Thursday, September third, and we begin with WWD on PVH's second quarter. PVH's adjusted second-quarter earnings came in above estimates while sales fell, according to WWD. The same reporting says the quarter also carried heavy impairment charges, so the beat and the writedowns point in opposite directions. No figure is attached to either in what that account states. Chief executive Stefan Larsson said both Tommy Hilfiger and Calvin Klein are seeing the right kinds of momentum, per that reporting. What operators get from the pairing is a read on how much of the reported momentum at those two houses is carrying the wider portfolio, and how much of that portfolio the impairment line is marking down. An earnings beat sitting on top of a sales decline is a mix question before it is a demand question, and mix is what decides whether the next few quarters read as recovery or as cost control. Also today, LVMH has reached what it calls a definitive agreement to sell Marc Jacobs to WHP Global and G-III Apparel Group. That is Drapers, which describes WHP Global as a brand management and acquisition firm and G-III as a brand licenser and manufacturer, with completion slated before the end of this year. No price appears in what that reporting states. The effect is to move a designer house to owners built around licensing and manufacturing rather than in-house operation. The brand's fragrance business is licensed elsewhere, and no change to that beauty licence has been announced, which leaves a major consumer-facing revenue stream sitting outside the transaction as it stands. Separately, Spencer Spirit Holdings says it has completed its acquisition of Hot Topic and its brands, Hot Topic, BoxLunch and Her Universe, from Sycamore Partners. That is the company's own announcement, issued Tuesday, and it carries nothing further on terms. Two mall-specialty portfolios now sit under one owner, which makes this a change of counterparty for landlords, licensors and suppliers heading into renewals. Industry reaction leans toward reading the deal less as store-count consolidation than as a bet on experiential, identity-driven retail, where the visit itself is the product. Some in the trade flag the concentration of fandom and anime merchandising under a single owner as an early signal to watch on assortment breadth and pricing power. Now to trade. Senate Democrats are moving to repeal the Trump tariffs, with Chuck Schumer and others arguing the trade war is raising costs for American families and businesses. That is WWD's Sourcing Journal, which sets the repeal push against Canada's retaliation plans. It follows our earlier report on Canada matching the new United States tariffs dollar for dollar on American apparel. Neither track carries an effective date in that account, and that is the practical point for sourcing and pricing teams: duty exposure stays an open planning variable rather than a fixed cost line. A recurring thread in the reaction flags an apparent inconsistency, that the same caucus recently backed limited tariff authority for the president inside a Russia sanctions package, with commentary split between calling that a defined congressional delegation and calling it a drag on the repeal effort. Now, a few more headlines moving the trade today. Shop price inflation rose one and a half percent year on year in August, a two-year high, per the BRC-NIQ Shop Price Monitor reported by Drapers. Boden posted pre-tax profit up seven and a half percent to thirty-seven point two million pounds for the year to December seventh, with the United States close to half of revenue, Drapers reports. France's per-item fast fashion levy took effect Tuesday, MyJoyOnline reports, running from fifty euro cents on underwear to twelve euros on a jacket and capped at half a product's pre-tax price, with China's commerce ministry calling the law a trade barrier. And finally, WWD argues fine jewelry is outpacing the rest of luxury despite record gold prices, citing twenty-four percent first-quarter growth across Richemont's jewelry houses.